Mnuchin: 3 percent economic growth possible for '4 or 5 years'

Mnuchin: 3 percent economic growth possible for '4 or 5 years'
© Anna Moneymaker

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money — Presented by Wells Fargo — Senate approves Trump trade deal with Canada, Mexico | Senate Dems launch probe into Trump tax law regulations | Trump announces Fed nominees Senate Democrats launch investigation into Trump tax law regulations Treasury watchdog to investigate Trump opportunity zone program MORE said Sunday that he believes the administration can sustain economic growth of at least 3 percent for the next several years.

"We can only project a couple of years in the future, but I think we’re well on this path for several years. I think we definitely are in a period of four or five years of sustained 3 percent growth, at least," Mnuchin said on "Fox News Sunday."

Mnuchin's bullish assessment comes as the U.S. economy expanded at a 4.1 percent rate in the April-June quarter, the highest level since the third quarter of 2014, according to the Commerce Department. 

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President TrumpDonald John TrumpLev Parnas implicates Rick Perry, says Giuliani had him pressure Ukraine to announce Biden probe Saudi Arabia paid 0 million for cost of US troops in area Parnas claims ex-Trump attorney visited him in jail, asked him to sacrifice himself for president MORE promptly took credit for the growth, claiming his efforts to roll back regulations coupled with the GOP tax-cut bill are responsible. He went on to argue that the 4.1 percent number is "sustainable," and even suggested "we're going to go a lot higher."

However, economists noted that those figures do not reflect the potential damage caused by the Trump administration's trade war with Canada, Mexico, China and the European Union.

Despite those doubts that the economy can continue to grow at such a rate, Mnuchin said on Sunday he's confident that Trump's agenda will provide favorable conditions for a growth rate of at least 3 percent.

"We are very focused on the long-term sustained economic growth, which our plans have hit," Mnuchin said.